March Madness Will Cost Employers $2.1 Billion in 2017 [Gambling in the News]

March Madness will generate an estimated $2.1 billion loss for employers in 2017. In addition, experts say that nearly 24 million American workers will spend company time researching and choosing their tournament brackets this year.

The projections, made by outplacement firm Challenger, Gray, and Christmas, are higher than workplace losses in previous years. In 2015, the same analysis predicted losses of about $1.9 billion for employers.

These productivity losses are huge, but the fact is that problem gambling can have a significant, lasting impact on workplaces. Problem gambling is a condition in which a person can no longer control their betting behavior. It affects an estimated 4-6 million Americans from all genders, ages, and ethnicities. This diagnosable condition is associated with a range of activities, including sports betting (like March Madness), casino games, horse racing, online games, mobile apps, and lotteries.

Some addicted gamblers wager every day; others go on periodic binges. Yet no matter what form gambling addiction takes, it has the same emotional, financial, and even physical impact. When a worker struggles with the condition, it can also expose employers to the risk of gambling-related fraud.

Signs of Problem Gambling in the Workplace

  • Increasing tardiness or absenteeism
  • Decline in productivity
  • Asking for pay advances or for pay in lieu of vacation/sick time
  • Losing track of time over lunch or other allotted breaks
  • Borrowing money from coworkers
  • Receiving personal credit card statements or bills at work
  • Declining personal appearance or grooming habits
  • Preoccupation with gambling

Learn more in Problem Gambling: 4 Facts for Lancaster, Lebanon Businesses and Is Your Business at Risk for Gambling-Related Fraud? 6 Gotta-Ask Questions.

Find additional resources for gambling prevention, education, and treatment referrals in Lancaster, PA and Lebanon, PA by contacting Compass Mark at 717-299-2831.